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MKTG Exam 2 Study Guide 6 7 8 9 10

Brand name brand mark trademark and service mark

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Brand is a name, term, symbol, or design, or a combination of these to identify a product. Brand name, brand mark, trademark and service mark (exclusive right to use a brand or part of a brand) The Benefits of Branding Product identification Repeat sales New product introduction and sales Brand Equity 17
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Brand Equity is the value of company and brand names BusinessWeek/Interbrand Ranking, 2009 http://www.interbrand.com Interbrand uses its own formula to separate the value of the brand from the value of the other tangible or capital assets to generate profits – they get a financial number. Brand Assets are derived from brand awareness, market leadership, reputation for quality, brand relevance (power in the minds of consumers) and brand loyalty – all nonfinancial measures Brand Liabilities are derived from customer dissatisfaction, environmental problems, product or service failures, lawsuits and boycotts, and questionable business factors – mone nonfinancial measures Brand Equity = Brand Assets – Brand Liabilities (but not in strict financial terms) Major Branding Strategies Generic products vs. branded products Manufacturer’s brands vs. private brands Manufacturer’s brand is also called national brand (can also be a service brand) Private brand is also called private label or store brand (by retailer or wholesaler) Captive brands are sold exclusively for a retailer but have no obvious store affiliation Individual brands vs. family brands – P&G vs. SONY Store Brand Facts Costs 10 – 40% less than national brands. Accounts for 22% of supermarket sales. 100% households buy store brands. The average consumer buys 4.6 store-branded items on each shopping trip. More than 50% of the merchandise at Target is exclusive to the store. Cobranding Ingredient Cooperative Complementary Packaging Contain and protect Promote Facilitate storage, use and convenience Facilitate recycling Labeling and UPCs Persuasive labeling Informative labeling UPC – universal product codes – unique to each product – bar codes Warranty Warranty – protects buyer and provides information Express warranty – written guarantee Implied warranty – assume product is fit for the basic reason product was purchased 18
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